“This property is an iconic symbol of the Lloyd District, and restoring its famed relevance in the Portland community is our primary objective,” Todd Minnis, Cypress’ chief investment officer, said in a statement.

One new entrance is planned between the parking garage and Macy’s on the south side of the wall, facing Northeast Multnomah Street. The work will also make more storefronts on Multnomah -- facing the new apartments, Holladay Park and MAX light rail lines -- accessible from outside the mall.

Another new pedestrian entrance is planned on the mall’s east side, between Sears and Marshalls.

The budget for the work wasn’t disclosed.

The proposal has been submitted to city development officials for approval, and work is set to begin once the city gives its OK.

Cypress paid $148 million for the mall in June. At the time, the mall was 97 percent occupied, and in 2012 the mall's owners reported annual store sales of $346 per square foot.